System for remote control of quotation boards



Dec; 2, 1941. R. w. BUMSTEAD SYSTEM FOR REMOTE CONTROL OF QUOTATION BOARDS I Filed Jan. 2, 1932 ll Sheets-Sheet l Pct/70m Cd's/- Raced/er Recewer 3 O O Receiveru I I l I I I I I l I l 300 i Eac Receiver I {gCjZLgJfiJE/itdtbr j 5,6, Ahd lZ lfwl'er Quqtadan 5 card Inc/(Joby Puce chm Wm Mean el'w'ny Re lay Ne? works t .I.I.I.I o oo om oo o o 00 O 000 7- O o o 00 O om 00 2 0 0% com W0 8 H FIRST DISTRIBUTOR SECOND DISTRIBUTOR STOCK SELECTION R E T T E L D 2 R E w m T OPENING Dec. 2, 1941. R. w. BUMSTEAD 2,254,563

SYSTEM FOR REMOTE CONTROL OF QUOTATION BOARDS Filed Jan. 2, 1952 ll Sheets-Sheet 2 Dec. 2, 1941. R. w. BUMSTEAD 2,254,563

SYSTEM FOR REMOTE CONTROL OF QUOTA TION BOARDS Filed Jan. 2, 1952 ll Sheets-Sheet 3 7 mm NM NM, wow B R V R .a m V fi ww at 66 m O m m mmwAw mm R mm M MM om i $9M m mN "H" mm kmkt q mm T vm mo hwww KM LMW Dec. 2, 1941. R. w. BUMSTEAD SYSTEM'FOR REMOTE CONTROL OF QUOTATION BOARDS Filed Jan. 2 1952 11 Sheets-Sheet 4 m@ j kwi D wQ v INVEN'ITOR WMW.

Dec. 2, 1941. R w, BUMSTEAD 2,264,563

SYSTEM FOR REMOTE CONTROL OF QUOTATION BOARDS Filed Jan. 2, 1932 11 Sheets-Sheet 5 M O T G S B G F A U V V V V V V V V V V INVENTOR Dec. 2, 1941. R. w. BUMSTEAD ,2

SYSTEM FOR REMOTE CONTROL OF QUOTATION BOARDS Filed Jan. 2, 1932 ll Sheets-Sheet 6 42W"? v Iv 1 j/ a; U"

INVENTOR Y WWW Dec. 2, 1941. R. w. BUMSTEAD 2,264,563

SYSTEM FOR REMOTE CONTROL OF. QUOTATION BOARDS Filed Jan. 2, 1932 ll Sheets-Sheet '7' kk\ Om ga a m 5 5 QN W HA wt 1. W m

WL mum NE T O mQ w 1 x SEE YR D www MW it W9 @Q Q Dec. 2, 194-1. R, w BUMSTEAD 2,264,563

SYSTEM FOR REMOTE CONTROL OF QUOTATION BOARDS Filed Jan. 2, 1952 '1'1 Sheets-Sheet 8 INVENTOR r WQKW Dec. 2, I941; R. w. BUMSTEAD' 2,264,563

' SYSTEM FOR REMOTE CONTROL OF QUOTATION BOARDS Filed Jan. 2, 1952 ll Sheets-Sheet 9 Dec. 2 1941. R. w. BUMSTEAD SYSTEM FOR REMOTE CONTROL OF QUOTATION BOARDS Filed Jan. 2, 1932 ll Sheets-Sheet 1.0

R O T N E V m Dec. 2, 1941. R. w. BUMSTEAD SYSTEM FOR REMOTE CONTROL OF QUOTATION BOARDS Filed Jan. 2, 1952 11 Sheets-Sheet ll MEG \1 NE zmtumfim ERR J Hwmk I NM N m 2953mm @530 v Q3355 QT zokummwmmmw Q9353 K J u n T J 2W QNJMWK m u u n m I17: I A 4 L m huwwn fl Y W mxwww "GEE k wk Q2555 mmkk \mzqmk Patented Dec. 2, 1 941 UNITED STATES PATENT OFFICE SYSTEM FOR REMOTE CONTROIr OF QUOTATION BOARDS Ralph W. Bumstead, Westfleld, N. ,7. Application January 2, 1932, Serial No. 584,481

38 Claims.

frequency-channel and a plurality of receiving stations one of which is a master receiving station adiacent the transmitting station and associated therewith for the distinct purpose of modifying the signals by reference to previously between the set-up of a quotation and a previously registered quotation whereby the transmission of a signal may be suppressed if no difference is shown by such comparison.

Another object of my invention is to provide selective mechanisms at the transmitting station for determining the characteristics of a signal to be transmitted so that various registers at the transmitted and registered signals of like classi- I flcation.

Another object of my invention is to provide a remotely controlled quotation board system in which a plurality of quotation boards may be operated from a central transmitting station and in which relatively simple indicating mechanism is disposed at each of the indicating stations; and to provide one master receiving station wherein certain essential instrumentalities are situated, these being arranged to function in cooperation with the transmitter for controlling by the quotation signal to be codified is given any one of several special characteristics, thus rendering it efiective in controlling functional registers at the receiving stations to indicate new high,

- or new "low quotations.

Another object of my invention is to provide means for obtaining an automatic comparison between the set-up of a. quotation and a previously registered quotation whereby a signal to be transmitted may be contracted if the difierence between the two qotations compared is confined to just one of the denominational elements.

Another object of my invention is to provide means for obtaining an automatic comparison receiving stations having functional significance may be actuated simultaneously with the registers representing the "last quotation for each stock or commodity. By functional registers is meant, for example, registers indicating the previous close, the opening," the "high" and the low prices for each stock or commodity.

Another object of my invention is to provide a system using a standardized length'of signal representative of the abbreviation for a stock or commodity so that whether the abbreviation as commonly used is represented by one, two or three letters, the number of primary elements in the signal representing such abbreviation may be transmitted within a fixed time interval, such time interval being adapted to minimize the time required for transmission of the general run of quotations.

Another object of my invention is to provide selective mechanism at each of the receiving stations responsive to the received signals and adapted to select any desired group of tabularly registering quotation indicators, to predetermine which particular indicators in said group are to be actuated and to set any ofthe selected indicators directly from their previous setting to a new setting without the necessity for restoring such indicators to their zero or blank position.

Other objects of this invention will be apparent from the specification.

Briefly stated, my invention comprises a transmitting means, such as a keyboard or perforated paper tape transmitter whereupon the abbreviations, figures and fractions of a quotation may be set up; instrumentalities for impressing signals upon a line or other communications channel, such instrumentalities including preferably some form of distributor switch or switches actuated on the "start-stop principle; a master quotation board responsive to transmitted signals and intimately associated with the transmitting means for test purposes whereby comparisons may be made between a quotation as set up and quotations as previously registered, so that the signals as transmitted may be modified and functionally characterized; and a plurality of receiving stations which, geographically, may be widely separated from one another, each comprising a quotation board having a plurality of stock indicator groups controlled by the actuation of a single line relay or other responsive device at each receiving station along the communications channel.

In carrying out my invention many of the practices commonly employed in telegraphy and the telephone switching art are utilized, but the means preferred are so arranged as' to provide a new result. Thus, I may make use of any well-known means for keying the signals to be transmitted, such as a keyboard having signal codification means controlled by each individual key. On the other hand, I may employ a keyboard to first produce a perforated paper tape which in turn may be fed through a transmitting mechanism adapted totranslate perforations into electrical impulses.

Whether transmitting by direct keying from a keyboard or by perforated tape or any other device, it will be understood that the signals as originally codified may be stored at the transmitting station and the stored effects may then be physically and automatically compared with effects previously stored in the master receiving station. Thus the signals may be further modified and characterized so that when transmitted they will have the desired effect in controlling the .nuotation registers at each receiving station, in-

cluding the master station.

' While certain features of the art to which this invention pertains were disclosed and broadly claimed in my Patent No. 1,114,578, issued October 20, 1914, and 'while considerable advancement of the art has since been manifested, nevertheless the unavoidable complexity of any system such as this invention embodies seems to justify setting forth at the outset a few definitions which may prove helpful to an understanding of the detailed description herein following. These are the definitions:

1. Quotation board-A collection of quotation indicators in which each indicator may be set to display a given quotation or other intelligence.

2. Stock indicator group-A collection of indicators for one stock, commodity or the like.

3. Denominational or digital unit-One of the indicating elements for displaying a single digit, decimal or any fraction whichis comprised in a quotation or for displaying a single symbol.

4. Functional indicator.-One of the quotation indicators comprised within a stock indicator group and specifically designated for a certain type of quotation. Preferably such functional indicators are for quoting Previous closing" price, Opening, High, Low and "Last or Market price.

5. Code signal-A unitary signaling element or a group of such elements in permutational arrangement having intelligence bearing significance or else having a selective function which is effective at one or more receiving stations.

6. Marking unit-An elemental part of a code signal to which a receiving relay may be responslve in a specific manner. For example, an ordinary relay would respond to a marking unit by energization to draw up its armature against the front contact. A polarised relay would similarly respond by drawing up its armature to one side, say the positive pole.

y '7. Spacing unit-An elemental part of a code signal to which a receiving relay may be responsive oppositely to its manner of response to a represent an interruption of current fiow in the line so as to deenergize the relay and allow its armature to be retracted against the back contact. In the case of a polarized relay the response would be. that of energizing the coils to throw the armature to one side, say the negative pole.

8. Tabular registrations-The setting up oftrol of such means, and to be restored to normal condition upon fulfilling their function.

In describing my invention I will first present the details of one form of indicating mechanism which is adaptable to the system as a whole and will thereafter describe the signaling system in its association with the master quotation board, and finally I shall show how the selector network is made responsive to signals for controlling the resetting of the indicators both in the master quotation board, also simultaneously in as many secondary quotation boards as it may be desired to include in the communications channel.

In the accompanying drawings:

Fig. 1 is a schematic arrangement of the complete system for transmission, reception and tabular registration of signals.

Fig. 2 is a diagram of a signaling code suitable for my system.

Fig. 3 is a fragmentary front elevation of a quotation board suitable for registrations of my signals.

marking unit. For example, the spacing imit may Fig. 4 is a horizontal section along the line 4-4 of Fig. 3.

Fig. 5 is another horizontal section along the line 5-5 of Fig. 3.

Fig. 6 is a fragmentary side elevation of the drum dials and associated control magnets of the quotation board.

Fig.v 7 shows a system of test circuits interconnecting a master quotation board and a transmitter, and constituting a price comparison means or comparator. I

Fig. Bis the transmitter relay network for codification of signals for stock indicator group selection.

Fig. 9 is another transmitter relay network for codification of price signals.

. Fig. 10 is still another transmitter relay network for codification of signals for selection of different shelves of indicators.

Fig. 11 is a receiving relay network for translation of coded signals into stock indicator control operations, and particularly for stock indicator group selection.

Fig. 12 shows further details of the receiving relay network, particularly for use in indicator shelf selection, part of the setting mechanism being also shown.

Fig. 13 is a receiving relay network for decoding of price signals and control of the dial set- Quotation indicating mechanism One embodiment of a tabularly registering receiving instrument or quotation board is shown initial positions.

for the purpose of demonstrating how the signals transmitted according to the system herein set forth may be caused to control the setting of visible indicators of stock quotations and the like.

The indicators for each stock or commodity comprise, preferably, a plurality of drum dials 38 arranged in a manner to suitably and tabularly display not only the last price but also the previous day's close, the opening," the "high and the "low" prices. The number of different stocks to be quoted may, if desired, be more than a hundred, or may be limited to a very few in which the observer or subscriber to quotation board service. may be particularly interested. Each stock, therefore, is represented by its own group of indicators.

which are complementary to one another will carry the web and hence the drum in either of v two directions from its initial position to the po- The indicators are selected as a group for actuation in responsezto that part of the received signals representing the stock abbrevia tion. The proper tiers of indicators are selected in accordance with the functionally designating portion of the signals and the selected drum dials are then set in accordance with the numerical part of the received signals.

According to my invention the figure drums 39 are preferably mounted on vertical spindles 48 in order that each such spindle may .act as a drive shaft for selected drums representing digits of like order. These shafts are normally at rest and when actuated they may rotate through various angles according to the drum setting that is required. When the setting movement is completed the shafts are immediately restored to their The rotational movement of each shaft is communicated to a selected drum by engagement of a pin t] with a web member 53 which extends between the hub 54 and the interior'wall of the drum. To provide this engagement the drum is adapted to slip longitudinally of the shaft under pressure of the spring 44. When the drums are to be restrained from rotary movement they are held in an elevated position by a forked retainer 42 the prongs M of which are bent upwardly to engage in the notches of the serrated edges of the drums. The retainer is drawn up by a spring 43 the tension of which is suihcient to overpower the reactive force of three of the springs M which are individual to the tens-drum, .the units-drum and the fractions-drum, respectively, of a functional indicator set, that is, one tier.

A magnet 65 serves to actuate the retainer to move it downwardly through a slight are about the pivot center 46 against the reactive force of the spring 43. The tail end of the retainer is formed into an armature 92 to complete a magnetic circuit for the magnet 45. Each magnet, therefore, will be seen to control three drums, jointly, to lower the latter into operative association with the pins 51 which are fastened into the shafts 48.

The driving movement ofthe shaft 48 being in one direction of rotation only is required to be opposed by that of a hub 69 on which is mounted another drive pin 88. This pin is adapted to engage with the web member 53 on the opposite side thereof from that which is engaged by the pin 51. The notched formation of the web member 53 is such that the two pins may be swung about the axis of the web if the drum is in its raised position, while if the drum is lowered by the actuation of the magnet then the movements of the two pins the three .drums of the shaft 48 without'touching simultaneous setting of either the sition required for a new setting.

. In order to provide a rotational movement of the hub 49 counter to the direction of rotation of the shaft 48, a gear 50 is mounted on the hub 48 and meshes with another gear 5| which is mounted on the vertical shaft 52.

For each vertical panel of indicators it will now be seen that the setting movements are' derived from a set of preferably six shaftathose in front carrying the drums and each of those in the rear having an extent of movement complementary to that of its front companion. The front and rear shafts may all move simultaneously in the same direction in order that the front shafts 48 and the hubs 49 may move in opposite directions.

The several tiers of indicator drums as shown in Fig. 6 are provided for a single stock indicator group and each tier has its own functional significance independent of the others. Thus, naming them from the top down, they preferably represent the previous close, opening, high," low," and last quotations" for any stock.

From the simultaneous movement of the six shafts .a complete resetting of the digital units of one or more functional indicators in any stock indicator group is possible. If, however, only the fractions dials need to be reset, only the shafts controlling the same will be rotated, so that even though the digital drums of the units and tens denomination are lowered into operative position by the actuation of a control magnet 45, they will have no tendency to be rotated and hence their registrations will be left undisturbed upon completion of the setting movement of the fractions dial.

Since each functional indicator is controlled by its own magnet 45 independently of the others, it will be seen that the dials of two or more functional indicators may be set simultaneously to corresponding positions. Thus, frequently the market quotation indicator setting will call for high" or the low indicator of the same stock indicator group. Furthermore, the first quotation for the day'of any stock will call for the simultaneous setting of the opening, high, low" and last functional indicators.

As will later be shown, my transmitting system is adapted to characterize the signals so as to meet these requirements. The signals may be further characterized at the close of the market to set up the last quotation of each stock on the uppermost'functional indicator so that on the following day it may appear as the previous day's close." The remaining functional indicators for each stock may then be cleared or reset to their blank positions upon transmission of a suitably characterized signal for that purpose. a 1

The mechanism for rotating the shafts 48 and 52 for effecting a setting movement of the indicator drums will now be described. Referring to Fig. 5, a motor 4lll, which may be run continuously, is provided with a clutch 94 of usual construction, having a trip'device 95, arranged to connect with the shaft 55, and after driving the under the control of the trip magnet Ii thereby causing the setting mechanism to be actuated.

One arrangement of the setting mechanism may be; as shown in Figs. 3 and 5. The motor does not drive the shafts ll and I2 positively, but releases three springs 62 which are permitted to contract and supply the necessary driving power until restrained by certain selected stops in accordance with the intended setting movement.

Each of the springs 62 tends to drive a pair of rack bars 58, I in opposite directions. The rack bars carry racks il meshing with pinions it which are mounted on the vertical shafts ll, 62 for rotating the same. The rack bars are provided with lugs 68 which project into the planes of travel of the draw bars 68, 01. The rack bars are also provided with lugs I58 projecting into the area of interception with the stop pins 60, 63, 64.

By means of the trip device 95, the shaft 55 can be given one complete revolution whenever a drum setting operation is to be effected. The turning of shaft 55 which carries the gear 88 meshing with gears 89, which are mounted on the shafts 10, causes the latter to be rotated. Thus a movement of the cranks I is effected whereby the connecting rods II in the first half revolution move the draw-bar 81 to the right while the draw-bar 66 is moved to the left. In this manner the rack bars 58, 6| are permitted to slide horizontally, each in a direction opposed to that of its companion, until arrested by the interposition of selected pins 60, 63, 64 into the area traversed by the lugs 59.

A framework 8| is provided with slots 13 within which the pins 12 may be guided so that the draw-bars 68, 81 may be kept properly positioned with respect to the lugs 65.

While the draw-bars are given a full stroke first one way and then the other as controlled by the cranks 4| I, the rack-bars 58, ii are permitted to move only so far as is governed by the pins 60, 63, 64. Only one pin is selected, however, for arresting a pair of rack bars and hence the extent of movement of each rack bar is complementary to that of its companion. It will be seen, therefore, that by means of the selectivity of operation of the pins 60, 63, 64, any desired angle of rotation of the vertical shafts 48 may be obtained, each independent of the others. Furthermore, the angle of rotation of any shaft 52 will always be complementary to that of its companion shaft 48.

Upon effecting a setting movement as above described, during the turning of the cranks 4| 1 through one half revolution, the second half revolution thereof effects a restoration of the entire setting mechanism to its initial position, leaving the indicator drums to be locked into the new settings by the uplifting of the retainers 42. This setting mechanism has the advantage over other arrangements in that after the selecting pins have been positioned to control the movement of the rack bars, the denominational units may be set simultaneously. The time allowance, therefore, for such a setting movement can be very much reduced as compared with the time that would be required for setting the denominational indicators successively.

The upper gro of stop pins 60, 63, 64 controls the rack bars 58, SI for the tens-denomination. Normally, the pins 63 and 64 are interjected into the path of the lugs 59 while the pins I are held withdrawn from said path. The

not only is one of the pins interiected into the path of movement of the racks but both of the pins 63 and M are withdrawn. The operation is as follows:

After a sufficient movement of any pin tl (see .Fig. 12) to enable it to stop the rack bars in a selected position, the pin is driven still further through one of the holes in the frame-plate 405 and pushes against an actuating plate "8. Each of the pins 83 and 84 is provided with a shoulder 32 on one side of which is a spring II to hold the pin normally in the path of the lugs 59. On the other side of the shoulder is an actuating bar It or I4, either of which may be actuated to independently withdraw one of the pins alone while the actuating bar "6 common to the two pins 63 and 64 serves to withdraw both simultaneously by reason of the follow-through motion of any of the pins 80. The selection of any oneof the pins 80 in the upper bank thus provides for the setting of the tens-drums to indicate any one of the figures 1 to "9," inclusive.

A similar arrangement of pins 60, 63 and 64 is provided in the lower bank for controlling the units-drums.

The central group of pins 60 controls the set ting of the fractions drums. In accordance with the preferred embodiment of my invention, only nine such pins need beprovided, since the operation of setting the fractions-drums would never need to be prevented by pins such as 63 and 64 of the tens-denomination. The nine pins 60 of the fractions setting mechanism represent respectively (from left to right) 54;, V4, /2. /4, Va, a

With the setting mechanism arranged as herein shown it is thus possible either to control the setting ofthe tens, units and fractions drums simultaneously or to restrain them while setting the fractions-drums alone.

Fig. 12 shows in perspective a portion of the setting mechanism which includes some of the stop pins 60, 63 and 64 and the control mechanism therefor.

The operation of clearing the registers is performed as follows: Upon selection of the clear relay 343a a circuit is closed through each of the functional indicator selector magnets 450, 45g and 45} for opening," high and low indicators respectively. The "market indicator is always selected. Simultaneously the magnet 89 is energized which interjects pin 60a into the path of the lugs 59 for setting the fractions dials in the clear position. The stroke of the pin 60a is followed through so as to actuate the yoke piece 38 whereby both of the pins 64 are withdrawn. The rack bars SI of the tens and units dial control are therefore permitted to make an extreme movement to the left until arrested by the pins 63. It will be noted that the yoke piece 16 only partially surrounds the pins 64 so that they may be withdrawn without moving the actuating Plates 4" and till. Thus the pins 64 may select magnet 15a for ing stocks.

spacing units for be withdrawn together as required for clearing the registers or'they may be withdrawn indewith the selection of the functional indicator hich is provided for the "previous closing price. It rarely occurs in practice that a stock quotation will vary over a range of more than one hundred points- Hence it is generally possible to predetermine the two hundredths digits such as and 1 or- 1" and 2" which will be adequate to fully display the previous closing price for any stock according to its possible range over 2,2e4,ses

ments for transmitting and receiving a train of three distinct signals. of five units each. Two of such signals are for the purpose of stock indicator selection and the third signal may be for functional indicator selection within any stock indicator group. The second distributor pref- I erably has fewer segments than the first and is a long period of time. This possibility enables me to use two or more functional indicator signals selectively for setting up the "previous closing price and the alternative use of suchsignals can be for the purpose of setting a targetJ I2 in a selected, position to properly indicate the hundreds figure of the quotation. Thus, the code signal XXXXX may be used on one occasion to throwing the target H2 into position to indicate 1" where the closing price is at 100, or above. On the following day, however, the same stock may close at 99 /2, in

which case the code signal XX1QI may be used to select magnet 15b for throwing thetarget H2 in another position. The mechanism for this setting movement comprises a spindle I38 upon which the target I I2 is swiveled. The rear of the target carries two prongs I39 forming a yoke in which the lever I40 is adapted to swing either to one side or the other according as the armature MI is attracted by magnet 150. or 151). The spring I42 is compressed between the armature HI and the bracket I43 so that the lever I40 is pressed against the target member M2 on either side of a dead center to retain the target in the desired indicating position after an impulse through one of the setting magnets has done its work and ceased. It will thus be seen that the armature I4I can be tilted either way to reverse the setting of the target H2 so as to display its designations selectively.

The signaling code Fig. 2 shows only one of numerous possible arrangements for codification of the signals necessary to select and remotely control the stock quotation indicators of my invention. This code is, therefore, to be understood as merely illustrative of any permutational system which would be suited to present day requirements for quot- In tabular array the marking and successive signals are readable along any horizontal line or lines and the meaning of any permutation may be understood from the reference characters adjacent thereto.

As will presently be shown, the code signals may be transmitted and received through distributor switches of the type generally employed in the printing telegraph art. At my transmitter station, and also at each receiving station, I preferably employ two distributors. The first of these distributors is provided with sufficient seguseful for transmitting andreceiving code signals of numerical significance. The distributors are adapted to be operated by start-stop motions duly synchronized in the usualmanner as between sending and receiving stations. The excursion of the brush of the second distributor follows that of the first distributor only when it is necessary to transmit an unabridged set of signals representing the stock abbreviation, the functional indicator selection, and the tens-, units-, and fractions signals of a quotation.

When it is possible to omit the signals for the tensand unitsdigits. the signal for the fraction may be combined with that of the functional indicator selection and thusthe use of the second distributor is avoided while transmitting abridged quotations. In practice, a very large proportion of indicator settings is confined to the fractions dials, for which reason my device to eliminate the use 'of the second distributor whenever possible results in a very considerable economy of line time and a corresponding increase in the transmitting. capacity of the system, measured in quotations per hour.

Referring to the first two columns of five-unit code signals shown in Fig. 2, I have shown the and any of the letters N to Z inclusive as the second letter thereof, for designation of the stock to be quoted. In practice, however, no such limitation is imposed upon the use of the literal signals, since it is obvious that any one of letters of the alphabet may be used either as the initial or the second letter. The blank signal and signals for several other characters may 'also be used in either the first or second position so that, infact, a possible choice of combinations up to 32 32=1o24 is available for stock indicator selection. Under present conditions there appears to be no considerable demand for quotation boards oil-greater capacity than to quote 300 stocks.

Notwithstanding the fact-that oneand twoletter abbreviations might be more generally used in the stock quotation service, threeand four-letter abbreviations also are commonly resorted to as tending to suggest more readily to the public the full names of the stocks represented. One of the problems solved by my invention, therefore, is to enable a key-board operator to follow the abbreviations of the ticker-tape in setting his keys for transmission of the signals for stock indicator selection and to provide automatic means for translating his keyboard set-up into stock selecting signals of uniform length. This feature will presently be further explained. For the present, it will be understood that since two-letter combinations provide a now-practical range of selectivity, my sending and receiving equipment is preferably adapted to use'selective code signals having a. two-letter significance.

The first distributors serve, after transmitting and receiving the two'5-unit signals, for stock selection to make the functional indicator selection. The choice of the 5-unit signals suitable for this purpose is shown in the third column of Fig. 2. It will be understood that a third group of five segments is provided on the first distributors for sending and receiving these signals. When the "previous close indicator is to be selected, either of two signals may be used in order that the target for the hundreds-digit may be simultaneously controlled, as has already been explained. The signal composed of five marking impulses (identified in Fig. 2 by white spots on the bars) may be used to set the indicator when the quotation is at 100 or above. The signal identified by vertical lines across each marking unit may be used for setting the "previous close indicator to a quotation below 100. If the price range of any stock tends to vary between 100 and 200, then a target bearing the numerals 1 and 2 for the hundreds-digit can be provided in the indicator for that stock. In that case the signal would designate 200 and above while XXXX... would designate a quota tion below 200.

The signals for functional indicator selection are adapted by their characteristics to cause the second distributor either to operate or to be nonoperative according to requirements. It will operate for each of these signals except the four which appear in the diagram below the designation clear. The operation of clearing the registers is initiated by a special key of the keyboard whereby provision is made for preventing an excursion of the second distributors. Otherwise the functional indicator signals commencing with two successive marking units are adapted to control the second distributors of the receiving stations so that their brushes will make an excursion immediately following the operation of the first distributors. The second distributor oi the sending station will also be tripped in synchronism with the others for transmission of signals comprehensive of the tens-, unitsand fractions denominations of a quotation.

The first five segments of the second distributor control the selection of setting positions for the tensand units drums cooperatively. Three of the signaling units have effect upon the receiving relay network in selecting the tensfigure and the two remaining units select the units-figure. Since the number of permutations of marking and spacing units is limited to 2, where the exponent u is the number of signaling units employed, it is obvious that the 5-unit code would provide only 2=32 combinations, which is inadequate for the choice of any one of one hundred numerical indications.

According to the system herein shown only twenty-fiveof the possible thirty-two permuta- -tions are utilized for the primary selection of a number, but this selectivity is quadrupled by using two additional distributor switch segments upon which marking and spacing signals may be impressed. Thus, in the positions of the first three signaling units the signals for 00" and for "50 are the same, and there is correspondencebetween the signals for "10 and 60," 20" and 70, etc. The lower one of the two tensfigures in each case is chosen by a spacing unit on the sixth segment of the distributor; and the higher tensfigure is chosen by a marking unit impressed upon the same segment.

For the purpose of unitsnumeral selection two signaling units (the fourth and fifth segments) provide four permutations which are assigned to the numbers 0" to "3 inclusive and correspondingly to the numbers "a" to "is" inclusive. Nu-

merals "4" and "9" are designated by interchanging the fourth and fifth signaling units with the first and second respectively. No confusion of signals results as between tensand unitsdenominations because the existence of an interchange is denoted by marking units on both the first and the second segments, a combination not otherwise employed in that position. Furthermore the receiving relay network is readily adapted. as will hereafter be shown, to the alternative use of the first three or the last three segments under consideration for denoting the tensnumeral of a quotation.

The seventh segment has impressed upon it a spacing impulse when the unitsnumeral is 0" to "4" inclusive and a marking impulse when it is any of the numerals 5" to 9" inclusive.

From the above it will be understood that the signal for any tensnumeral may be transmitted through segments identified in Fig, 2 either by the squares marked T or by the specific code combinations shown opposite the numbers "10" to 00. Likewise the units-figure may be transmitted through segments marked U. or according to the specific code combinations shown opposite the numbers "0" to "9 inclusive. Hence, any number from 0 to 99 may be signalled on the seven segments provided therefor.

The signal for setting the fractions-drum follows that which has just been described. It being customary to quote stocks in eighths of a point, I have provided only three segments of the second distributor for the eight permutations of marking and spacing unit necessary to quote the fraction. These permutations areshown in the last column of Fig. 2.

As previously intimated, the second distributor is not called into play when merely a fractional difference occurs between a new quotation and the previously registered quotation of the same stock. The new quotation may, however, be either a new high," a new "low or simply a new "last" quotation between previously established limits. Referring again, therefore, to the first distributor, it will be seen that any one of the 3-unit code signals for eighths may be transmitted through the 3rd, 4th and 5th segments of the group otherwise reserved for functional indicator selection. When the first distributor is used in this manner the only functional indicators which can be selected are the high-and-last, the "low-andlast" or simply the last. In Fig. 2 the signals for these three requirements are shown as oocupying the last three lines in the third column of the diagram. There the words high, low' and "last" appear occupying the space of three signaling unit which are available for transmitting the fractions signal. This part of the diagram is intended to show how the nal for any fraction may be preceded by a marking unit on the second segment of the third group of segments of the first distributor to characterize the signal for controlling the high and last" fractions drums together. Similarly a marking unit on the first segment of the same group serves to control the low" and "last" fractions drums together. And, further, two spacing units preceding the fractions signal serve to characteriz it for setting the last" fractions drum alone.

The abbreviation-code transmitter stock abbreviations will be explained. For illussimply connects the flrstthree segments'in the tratlve purposes, some of the keys 200 of the keyboard 4 are shown at the top of the diagram. Each key is provided with one or more pairs of contacts. one contact of each pair being connected to one of a plurality of bus-wires 2M, 202 and 203, respectively. A step-by-step switch-blade 204 is adapted to contact successively with terminals 205 for each of the bus-wires. A common feed wire 200 supplies energy from the battery B through the magnet 201 so that, when a letter-key is depressed, current is fed through this magnet and to either one or another of the pairs of key-contacts, whence it is led to an appropriate relay 208, 209 or 2|0, the coils of which are grounded.

The keyboard operator depresses his keys successively to represent a stock abbreviation according to the ticker tape which he is assumed to be reading. Immediately upon depressing any key it will be seen that an appropriate relay is actuated and locked into its set position by a locking circuit 2| I, which may be traced from the battery B through the circuit-breaker contacts 2|2 and the bus-wires 2|3. When the key is released, the actuating circuit that was closed through the keycontacts is broken, and, although the selected relay 200, 209 or 2|0 remains locked, the magnet 201 is de-energized. allowing the spring 2| to retract the pawl 2| 5 so as to move the switchblade 204 one step. By this it will be seen that the first depression of a letter key to set up the code signal for a stock abbreviation selects one of the relays 208, the second key-depression selects a relay 209, and the third key-depression selects a relay 2|0. Q

It will be remembered that two signals of uniselecting any stock indicator group and that each i of these signals comprehends a permutation of five signaling units. Each transmitted signal may represent a letter but not necessarily the same letter that is set up on the keyboard. An arbitrary scheme of translation is provided by my preferred transmitter network. 7

The composition of a desired signal may be traced for illustrative purposes by following any of the connections between contact points 2|0 and the segments 2" of the first distributor. Any combination of these segments may be connected to the battery B through the bus-wire 2|8 and relay contact springs 2|9. The segments remain connected to the battery B so long as the relays 208, 209, 2|0 are energized by their looking circuits. The breaking of the locking circuit is accomplished (as will hereinafter be more fully explained) by the completion of the signal transmission for any stock quotation, this being effected by the release relay 220 which opens the circuit at the contact points 2|2. This release relay also functions to restore the switch-blade ,204 to its initial position. This is accomplished by disengaging the pawls 2| 5 and HI from the teeth of the switchblade 204. A detent 222 connected to the pawl ,22l is so arranged that when the armature 223 of the magnet 220 is actuated both of the pawls are disengaged.

Fig. 8 shows examples of progressive composition of the signals where it is desired to transmit a signal of uniform length to represent an abbreviation of either one, two or three letters. If the customary abbreviation is one letter, say U,"

a form length are intended to be transmitted for none of the five segments 240 of the second group will be fed with current because no contacts will be closed through the operation of any relay 209. The U relay for the initial letter, therefore,

first section of the distributor switch for the transmission'of three marking units representative of the letter U.

Assuming, however, that the abbreviation to be transmitted is UAFJ' it will be seen that the operation of theA-relay 209 puts current on the first two segments of the second section of the distributor switch, and also provides a path through the connection 224, contact 229 of the A-relay 209 to the contact spring 223 of F-relay 2|0. Contact 221 then carries current through the unidirectional device 228 to the conductor 223 which connects with the fourth segment of the second group on the distributor switch. The

second five-unit signal therefore is changed from an A-designation to a J-designation. Hence the signal actually transmitted for the selection of the UAF stock indicator group is UJ.

Another example of translating the signals for the usual abbreviations into selective signals of uniform length may be observed by following the circuits to the distributor switch segments 2 I! and 200 according as they are closed bytheC-relay 200, the O-relay or the T-relay 209, and the M-relay or S-relay 2|0. If the stock abbreviation is C, the C-relay 208 will be actuated alone. Inthis case current is fed to the second and fourth segments 2|! directly, also to the third segment 2|! indirectly through conductor 230. back-contact 23| of the S-relay 2|0, unidirectional device 232, backcontact 233 of the T-relay 209 and thence to conductor 234 which feeds the said third segment 2". The signal for the letter "C" may therefore be transmitted without modification either in connection with the abbreviation C or the abbreviation CO.

when the "O" relay 209 is actuated, the fourth and fifth segments 240 (representing the signal for "0") are connected to-the battery and a circuit is only partially established through front Contact 235 to one of the movable contact springs of the S-relay 2| 0. The signal which is transmitted, therefore, represents the abbreviation CO.

When the abbreviation is COS, the actuation of the S-relay 2|0 breaks the circuit to the third segment 2" by deadening the back-contact 23| of this relay. The first part of the signal, there-- fore, becomes an R instead of a "C." The S- relay 2|0 further closes the circuit through its front contact 230, unidirectional device 23! and conductor 238 to the first segment 240. This modifies the second signal making it B instead of an O."

When the abbreviation is CTM" the actuation of the T-relay 209, following that of the C-relay. 200 causes current to be omitted from the third segment 2 l1 so that the signal transmitted represents RT."

In a similar manner the circuits controlled by the selector relays 208,209, 2|0 may be caused to effect any one of a, variety of modifications as between marking and spacing units either by putting battery onto additional segments or by deadening one or more segments. In view of the numerous combinations of two letters which are not commonly used in the ticker service it may be said generally that under present conditions there is an adequate number of such available combinations into which any needed single-letter or three-letter abbreviation may be translated.

Further possibilities of translating an abbrevi- In addition to the circuit connections for signal transmission, Fig. 8 also shows a plurality of stock indicator selecting magnets 239 which are provided only in the master quotation board. In the description presently to follow covering test circuits of the master quotation board it will be seen that only in the master quotation board is it necessary to actuate the stock selecting relays 239 prior to the transmission of the signals over the line. One such relay .239 is therefore provided for each stock indicator group "in the master quotation board and a selection thereof is effective immediately upon depressing the keys representative of a stock abbreviation. If, as in the case of the possibility that the initial letter "0 does not at first select the desired indicator group, the subsequent depression of the other keys for actuating the relays 209 and 2|0will immediately release the C-relay and energize the CO-relay or the COS-relay 239. In any event, before the starting key 28 (Fig. 9) is depressed, the selection is properly effected according to the stock to be quoted.

From the above it will be observed that the circuit arrangements of Fig. 8 are illustrative only and the application of the general principles involved is capable of a wide expansion. I have, therefore, disclosed a method of translating known and commonly. used abbreviations of varied length into suitable signals of uniform length for the purpose of stock indicator selection.

The price-code transmitter Referring to Fig. 9, some of the price keys I, 2 and 3, of the keyboard 4 are shown and each is -in position to close a relay circuit pertaining to the price-signalling network. Other contact springs required to be actuated by these keys for purposes hereinafter explained are, for the sake of simplicity, omitted in Fig. 9.

Current is fed from the battery 0 to a con- .tact spring 2" of the starting key 38 which,

when depressed, puts potential on conductors including contact 242, armature 243 of relay I 2, back contact 244, and bus wire 2 common to the contacts I02 of all of the keys I, 2 and 3.

As shown in Fig. 1, there are ten of the keys I, for selecting any of the tens-digits; ten keys 2 for selecting any of the units digits and eight keys 3 for selecting a fraction to be signalled. The control circuits leading from contacts iii of the tens-keys I are carried in a cable 245 to the five relays 2" each of which has two coils.

For transmitting any of the signals for the tens-digits "0 to "4 inclusive, the left-hand coils of the relays 241 are selectively energized. The energizing circuit is carried thence through a resistance 2 which is grounded. The righthand coils of relays 2" are selectively energized for transmitting the signals for "5" to "9" inclusive. In addition to the selected coil, relay 248 is also actuated so as to transmit a marking impulse as an additional component of the signal (on segment 255) to differentiate the same from corresponding signals for "0" to "4 inclusive. See Fig. 2 which has already been explained. The resistance 248 is preferably equals to the impedance of relay 2".

tions-signal is determined by the relation between the quotation as set up on the keyboard and the next previously transmitted quotation of the same stock. This matter will presently be dealt with in greater detail. It is sufficient to state here that one of the functions of relay 1 is .to make this transfer as required and that when relay I is to be actuated such actuation will be in advance of the depression of the starting key 38.

Referring specifically to the code-composing relays 241, 249 and the connections of their contacts I54 with the segments 25' of the second distributor it will be noted that conductor 25'! leads directly to the middle one of the five segments 258.

Conductors 268, however, lead to contact springs 269 on the relay 2ild representing the units figures 4" and 9. From reference to the foregoing description of the signaling code it will be understood that this relay gives effect to an interchange of connections between the first and second segments 255 and the fourth and fifth segments 258a. Thus the signal comprising three units which is impressed upon three of the segments 256 for signifying the tens numeral may occupy either the first three or the last three positions on these segments, the actuation or non-actuation of the relay 25ld being effective in determining the proper connections. These connections may easily be traced upon reference to Fig. 9 where it will be seen that, when the movable contact springs of the relay "I d are in contact with their back-contact companions, the signal for the tens figure will be impressed upon the first two and the middle segments 256. On the other hand, if the relay 25ld is actuated, the first and second units of the tens figure signal will be transferred respectively to the fourth and fifth segments 256a through the front contacts of the relay 25ld.

Referring now to the network controlled by the keys 2 for the units-denomination, it will be noted that in place of one of the relays 25| a resistance 260 is provided for the reason that, in transmitting the signal for "0 or for "5" in the units-denomination, both of the segments 25814 are deadened as for the designationof "spacing" units. Hence there is no connection with the 0" key and the 5" key connects directly through the resistance 26!) to the signal modifying relay 252 which impresses an additional marking unit 4", inclusive.

upon segment 266 of the second distributor for the purpose of distinguishing any of the units numerals to 9" inclusive from the numerals Of to 4" inclusive that share in common the first component representing two units of the signal.

Actuation of relay 2'5la puts potential on the first of the two segments 25610 for signaling either 1" or 6. Relay 25Ib prepares the second segment 2561: to transmit a marking unit in case the units-numeral is either -"2" or 7. So, also, relay 25lc serves to put potential on both of the segments 25624 when the signal to be transmitted represents either 3" or "'1." Relay 25|d transposes the connections from the tens-relays and the units relays when either 01' the unit figures "4 or 9 is to be transmitted and, furthermore, this relay impresses potential upon the first two segments 256 in accordance with the code for these units-numerals. The connections between the contact springs of these relays and the distributor-switch segments may easily be traced without further description.

The right-hand coils of relays 26l are connected one way with their respective key contacts of the units-keys 2 representing numerals "1 to I The other way, these coils are grounded through the resistance 262.

The left-hand coils of relays 25! are also connected one way with their keys 2 representing numerals "5 to "9 inclusive, and the other ables the preselection of a stock indicator at the way they are in series with relay 252 which serves when energized to put potential on segment 263 for difierentiating between any of the units-denomination signals of the lower and higher series respectively.

The relay network for composing the signal to be transmitted in representation of the fraction comprises eight keys 6 but only seven relays 266. No relay is necessary for the transmission of a signal representing a blank since the three signaling units for that character are spacing units.

The depression of any key 6 (other than for the symbol energizes one ot the relays 255 to put potential on one or more of the conductors 264 according to the marking units by which the segments of the rotary switch are to be characterized.

Relay 1, the control of which is hereinafter explained, directs the current from the conductors 264 through its movable contacts 266 either into the first or the second distributor switch according to the predetermination of whether the full signal or a curtailed signal is to be transmitted. If relay 1 hasnot been actuated, that is, if the full quotation needs to be transmitted, then the fractions signal will be set up on the segments 254 of the second distributor switch. Upon actuation of the relay 1, however, as in the case of transmitting an abridged signal covering a stock abbreviation and fraction only, the fraction signal will be set up on segments 266 of the first distributor switch. The connections between the front and back contacts cooperating with contacts 266 of relay 1 may be easily traced through to the segments 254 or 265 by following the same in Fig. 9. The code signals for fractions, it will be recalled, have heretofore been explained in connection with Fig. 2. Thus it will be seen that any one of these code signals may be set up for transmission by depression of the proper key 6.

The starting key .The starting key 38 shown in Figs. 1, 7 and 9 has several functions to perform. Firstly, it enmaster quotation board to be made before signals part to the signal has already been explained. A

further function of the starting key 68 is to energiz the release-magnet 261 which trips thebrush arm 266 of the first distributor switch and allows it to make an excursion of one complete revolution. The circuit for magnet 261 may be traced from battery C through contacts 2 and 242 of the starting key 96,'thence through contacts 246 and 244 of relay l2, conductor 269, distributor segments 210 and 21! which are bridged by the brush 216, thence to the magnet 261 which is grounded. As soon as the brush 216 leaves the segments 219 and 21! thi circuit is, of course.

broken to restore the magnet 261 to its normal.

position so that it may arrest the brush arm 266 after it has made one complete revolution. A catch arm 212 is provided for locking the key 96 in its depressed position until the signaling of a quotation has been completed and in order that a circuit may again be established from the battery C to segment 210, the same as before, but Just previous to the completion of the excursion of the brush arm 268, by way of bridgingthe distributor segments 216 and 213 through brush 216. In case the full signal is to be transmitted, current momentarily flows from segment 216 to trip-magnet 214 of the second distributor. This circuit is completed through segments 219 and 269 which are bridged by the brush 364. Segment 260 is grounded. It will be seen that when the brush 264 leaves the segments 219 and 266 the circuit will be broken and the trip magnet 214 will be restored to its normal position so as to arrest the distributor switch arm 285 after it has made one complete revolution. If, however, relay 1 hasbeen actuated, this circuit is not completed through the trip magnet 214 but can be'traced through back contact 215 of relay 1, thence through resistance 216 to the starting key restoring magnet 211. Magnet .211, when energized, retracts the catch arm 212, thereby permitting the starting key 36 to be restored to its normal starting key is delayed until both distributor switches have made their excursions.

If no signal is to be transmitted, due to the,

correspondence of a quotation as set up on the keyboard with the previously transmitted quotation for the same stock, then it is obvious that neither of the distributor switches should be actuated; in which case. as will be hereinafter shown, the non-signaling relay l2 will be actuated by the test circuits ofthe master quotation 

